By Mike Adeyemi
The Managing Director of First Heritage Micro Finance Bank, Deacon Enoch Ajibola, has said the state economy is driven by 70 percent micro credit facilities.
Speaking during a chat with Pilot Business in Ilorin, Kwara State, yesterday, he explained that the economy is dependent on micro business sub- sectors.
“The activities of micro finance in Kwara have contributed to the development of micro business. The state government understands the effect of micro finance hence its financial inclusion by using it as a medium to reach out to the citizens under its empowerment scheme.
“If you look at the Kwara population, how many industries do we have that can absorb large percentage of Kwarans? Possibly it can only meet 30 per cent of Kwara workforce. What service could these few industries render the Kwara population estimated to be 3.5 million?” he added.
He stated that micro businesses are more viable for economic growth and emancipation of any economy, urging the state government to pay premium to the sector.
“There is no way any government can thrive without paying emphasis on micro businesses. Micro credit facility is a grassroots programme, meant to empower small businesses and touch lives in term of credit facilities and employment generation,” the financial expert noted.
Ajibola further explained that the impact of micro credit businesses to the growth of Kwara economy cannot be overemphasised, given the composition of the population.
“A low income earner with a little business will do better and sustain himself if he gets more fund for his businesses and this will also have a multiplier effect on the state economy by reducing unemployment.
“This will also allow citizens to pay their dues to the government in the form of taxes thus the government will plough these proceeds into infrastructural development of the state,” he further explained.
